The United Bank for Africa (UBA) is undertaking a N239.4 billion Rights Issue to fund digital transformation and business expansion efforts, reinforcing its leadership as a pan-African banking giant. The bank is offering 6.84 billion shares at N35 each, pre-allotted at one new share for every five held as of November 5, 2024. Group Chairman Tony Elumelu emphasized the initiative’s goal of enhancing shareholder value and positioning UBA as a resilient, innovative institution.
UBA’s robust financial performance has made it a standout in Nigeria’s stock market, delivering 375% capital gains over nearly five years and achieving one of the highest dividend payouts in the sector. Retail shareholders have expressed strong support for the initiative, which aims to further the bank’s ability to reward investors. This move is expected to support organic growth and strengthen UBA’s international operations, including its recent expansion into France.
With over seven decades of history, UBA is leveraging the Rights Issue to consolidate its market position, invest in cutting-edge technologies, and drive sustainable growth across Africa. The initiative underscores UBA’s commitment to building a resilient and globally competitive financial institution.